As Grayscale Investments awaits a decision from the DC Circuit in their lawsuit to convert GBTC to a spot bitcoin ETF, the legal team at Davis Polk has submitted a comment letter to GBTC’s pending 19b-4 filing. This also includes seven other spot bitcoin ETF filings with newly-proposed surveillance sharing agreements (SSAs).
The comment letter, submitted recently, encapsulates Grayscale’s rationale for why the SEC should approve all spot bitcoin ETF applications. The firm remains encouraged by the increased momentum around these filings, underscoring the continued maturation of the bitcoin spot market and reinforcing the belief that American investors should have access to spot bitcoin ETFs in the US.
Grayscale argues that the SEC is already in a position to approve spot bitcoin ETFs, given its previous approval of bitcoin futures ETFs. With third-party studies showing a 99% correlation between Bitcoin’s spot and futures markets,…
